Once you have mastered the analysis of your store data and know which are the most appropriate KPIs for you and how to influence them, you can start making comparisons between stores and across regions, for example.
Even across a small chain of a few stores, the findings can be hugely valuable, and reveal counter-intuitive facts. Store A may make fewer sales than store B, but it may convert a much higher proportion of those that come through the door and turn them into paying customers. Just looking at the receipts of the two stores wouldn’t have shown this, and you would miss the chance for store A to share its lessons to store B and help them match or exceed this conversion rate.
More sophisticated systems can automate this process, generating reports for each layer of governance, from store manager all the way to the board of directors.
So now you know the basics, do you want to discuss how retail analytics can help your business? Contact Irisys for a free retal consultancy now and you can speak to our industry leading experts and world-wide network of distribution partners.